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Indian-origin man in US pleads guilty to $9 mn FB stock fraud
August 14, 2015
An Indian-origin investment advisor in the US has pleaded
guilty to perpetrating a $9 million investment fraud scheme involving Facebook
stock.
Gignesh Movalia, 40, a registered investment advisor in Florida, pleaded guilty
before US Magistrate Judge Anthony Porcelli of the Middle District of Florida
to one count of investment advisor fraud.
Movalia, who was the founder and manager of OM Global Investment
Fund, will be sentenced at a later date, Assistant Attorney General Leslie
Caldwell of the Justice Department's Criminal Division said.
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